The building was built in 1996 in the gap where the pavilion of the Association of Fine Arts stood in the 1930s and 1940s. Their members were influenced by the art of one of the most important personalities of Czech sculpture, Josef Václav Myslbek. Myslbek was named after the original pavilion of the Myslbek art group.
In 1997, the year of its opening, Myslbek Palace was one of the first post-revolutionary commercial buildings in the Prague city centre and was designed by the architects of the AHK studio. Since its opening, the Myslbek building has undergone a significant reconstruction under the supervision of the Jestico + Whiles architectural studio. Myslbek was then awarded the BREEAM In-Use green certificate.
The shopping gallery continues the art tradition and artists have had their place in it all along. The aim of the main architects, Zdeněk Hölzel and Jan Kerel, together with the French architect Claude Parent, was to respect the two historically distinct locations on the border of which the building stands. By doing so, they connected neoclassical architecture with twentieth-century architecture.